This subject led me to write a book in the late 90s called Avoiding Tax Traps In Your IRA which was endorsed by Kiplinger’s Retirement Reports. In my research for the book, I discovered a minefield of tax traps which caused individuals to lose substantial money to taxes and penalties. I will use this blog…
Could I save you $112,000? I was sitting in a San Diego Probate Court several months after taking the California Bar and waiting for the results. I was astounded at the fact that a piece of property owned by the Decedent was being assessed statutory probate fees based on its fair market value (f.m.v.) of…
Attention all procrastinators! We need to talk. There is something you have been putting off and don’t quite understand. Over the next thirteen weeks, we are going to be talking about Estate Planning. That’s right, the subject you’ve been postponing because it makes you face the reality of life, which includes aging, death and possibly,…
Would you like everyone you have ever mentioned in your Trust to receive a copy of that document? What about ex-friends, remote family members, or even ex-lovers. What about charities, house help, gardeners, etc? But wait a minute Jack, what if I removed them in a subsequent Amendment, you reply? Yeah, that’s right, you did,…
Remember when you arranged that IRA with the financial institution and received a “bunch of papers”? Yeah, one of those “bunch of papers” was a Beneficiary Designation form- now remember? Okay, I’m going to ask you 3 questions which can have devastating results depending on your answers. Who did you, for sure, designate as the…
Once upon a time, as many bedtime stories began, long term care was not a huge, financial concern. People lived shorter lives, coronary heart disease was more prevalent which ended lives more quickly, Alzheimer’s, as we know it, was unknown. As a young boy, I watched my grandfather die in his bed at home in…
Seminar attendees have been astounded to learn that everything they have done to create a Trust estate and an inheritance for their children or heirs can be undone after their death. That’s right, it can all be substantially changed to thwart their objectives. They are found in almost any Trust and if not fully understood…
Take a look at the beneficiary distribution provisions of your Trust. If they conclude with the terminology, “outright and free of Trust,” there is no asset protection for your beneficiaries, usually your children. Let’s look at an example. Joyce and Joe have a Living Trust for the family designating their three children, Jim, Jane, and…
If you are considering arranging a Trust with Co-Trustees or Co-Successor Trustees you may want to reconsider. Usually Trust creators, known as Trustors or Settlors, who wish to have Co-Successor Trustees do so for a reason. Possibly they don’t wish to show a preference among their children, so they designate Co-Successors. Or, they want a…
There is much confusion and misunderstanding that surrounds the issues of asset titling after the death of a spouse. Many surviving spouses are unaware that they can utilize the benefit of a Living Trust to avoid the financial and time frustrations of probate for their children, heirs or other estate beneficiaries. There is a two…
According to various sources, 60% of us will require some form of long term care during our lifetime. Another 50% of us will be involved in providing some form of long term care for a family member during their lifetime. Do you or your parents have an established long term care plan? Why should you?…
A Step By Step Approach Part I When it comes to taking care of estate planning business, most clients are paralyzed by procrastination. Procrastination has cost the American public more than any tax bill ever enacted. We can hear something or see something that we, admittedly, need to accomplish for the benefit of ourselves or…